2695 replies to this topic

[MarkoJ]

Left side is sales to date this month.

[Mike K.]

131 sales over the week. That's quite impressive, all things considered.

[Nparker]

Let's see what this week's numbers are like.

[Bernard]

Sales take some time to complete in a normal real estate market.   The sales finalized now have been in the process for a week or two or even more

[VIResident]

Mortgage processor Filogix hacked amid surge in loan requests

A major mortgage processing system in Canada was hit by a cyberattack last week, temporarily halting loan applications from brokerages already under immense pressure after the central bank slashed interest rates.

Filogix, which acts as a conduit between brokers and lenders, and processes the majority of loan requests from independent brokers, has taken its service offline as it restores its software.

The disruption to Filogix’s services means that many mortgage brokers and borrowers have been in limbo since late last week and unable to secure mortgage rates, loans and refinancings. This is occurring as lenders are raising their mortgage rates and mortgage brokers have been swamped with borrowers trying to renegotiate, renew or get a new loan before that happens.  https://www.theglobe...-loan-requests/

 

Interest rates on new mortgages increasing, despite Bank of Canada rate drop

 

https://biv.com/arti...anada-rate-drop

Edited by VIResident, 24 March 2020 - 10:37 AM.

[Mike K.]

Sales take some time to complete in a normal real estate market. The sales finalized now have been in the process for a week or two or even more

Finalized sales are not what the data is showing here, but the removal of conditions and the buyer going through with the motions of the purchase. The actual sale will take place several months after conditions are lifted, usually.

Conditions usually have a one week timeframe so a “sale” counted within last week’s activity would have had conditions lifted that week.

[LeoVictoria]

[Matt R.]

Someone message me when it’s a good time to buy again please.

Matt.

[Redd42]

The upside of all this turmoil is we have time to fuss with fixing up the property we have to sell.

[LeoVictoria]

Someone message me when it’s a good time to buy again please.

Matt.

Keep your eyes open with a PCS account and watch for who doesn’t pull their listings during this.

[johnk2]

Someone message me when it’s a good time to buy again please.

Matt.

Its always a good time to buy real estate.

Prices dropping? Grab a bargain, now!

Prices rising? Get in before its too late!

Got those pro tips from an agent friend.

[Matt R.]

Keep your eyes open with a PCS account and watch for who doesn’t pull their listings during this.

Yup, I’m on it. Too bad my income just evaporated.

Matt.

[GabriolaGirl]

We were looking to make a move to Nanaimo & had spent the last few weeks looking.  Of the 30 listings that were within our price/size range, 10 of those have sold in the last week - 2 weeks, with several of them going into multiple offers. 

[MarkoJ]

Sales have dropped upwards of 40% this week but still 25% of SFHs in the core going over asking. Reason being is new listings have also dropped.

Edited by MarkoJ, 27 March 2020 - 05:02 PM.

[Victoria Watcher]

zero new commercial listings this week (for sale) in greater victoria.  except 5 lots.

[lanforod]

There is no way I'd list right now. I guess some folks just don't have a choice though.

[sebberry]

There is no way I'd list right now. I guess some folks just don't have a choice though.

 

I've got my eye on pretty much the only condo in town that ticks all the boxes, but you're right - crappy time to list.  

[UDeMan]

There is no way I'd list right now. I guess some folks just don't have a choice though.

I expect the separation/divorce rate to increase after this, so people will be listing because of this.

[Victoria Watcher]

this is true!

[MarkoJ]

I expect the separation/divorce rate to increase after this, so people will be listing because of this.

 

Not to mention financial hardship with all the job loses taking place.

 

There will be lots of opportunities in the next 12 months for saavy buyers with cash. I just had a client purchase a house second day on market today for $125,000 below asking price. Key was unconditional offer, huge deposit, and 14 day completion/possession. 

 

If they went in subject to financing, inspection, etc. (the usual) for 8 business days don't know if the sellers would have budged more than $50,000. In uncertain times sellers look for certainity. Problem for seller with conditional offers is buyer can walk for any reason including cold feet (i.e. huge drop in stock market during 8 day conditional period) so on average sellers will take a lot less for unconditional especially in times like this.

 

I am personally looking to buy small office space downtown and my plan is to wait 3 to 6 months for vacancies to start going up and then just start unconditionally going in low on a lot of properties, eventually someone will bite that needs to get out asap.

Edited by MarkoJ, 28 March 2020 - 03:29 PM.